With the current rally, PEPE has now regained its position as the third largest meme coin, dethroning BONK.
Pepe (PEPE), a meme coin based on the Solana (SOL) ecosystem, has experienced a remarkable surge of over 190% within the past week.
CoinMarketCap data shows that the meme coin, introduced into the market in April 2023, is currently up over 52% at 0.000003313. However, in the last seven days, the token has seen massive gains of 195%.
PEPE Market Cap Now Stands at $1.4 Billion
PEPE has hit a new milestone, surpassing the $1 billion mark for market capitalization with a 24-hour volume of $1.84 billion, marking a 110.95% increase over the last day.
The Solana-based meme coin surged to approximately $1.4 billion in market cap at press time, overtaking other digital assets in the same category, such as Bonk (BONK).
With the current rally, PEPE has now regained its position as the third largest meme coin, dethroning BONK, which has occupied the space since December last year.
SpotOnChain, a blockchain analytics platform, revealed that two crypto traders made $1.33 million and $660,000 in profits before the token surged by 130%.
The platform listed two wallet addresses, noting that one of the wallets withdrew 1.03 trillion PEPE from Binance between February 25 and 26 after being inactive for almost two years. The wallet made an unrealized profit of $1.33 million, while the second wallet, which had 501.3 billion PEPE, saw a profit of $660,000.
Memecoin Rally
The impressive performance over the past seven days aligns with a broader uptrend in meme coins, typically considered speculative investments in the ever-evolving world of the crypto ecosystem. These tokens have collectively experienced an average increase of 6.6% over the last 24 hours, demonstrating heightened interest across multiple networks, with PEPE leading the way.
Popular meme coins like Floki Inu (FLOKI) saw impressive gains of over 30% in the past 24 hours before retracing to 17% at press time. CoinMarketCap data shows that the newly launched Dogwifhat (WIF) was up over 60% before experiencing a slight retracement to 40%, boasting a daily volume of $175 million. Additionally, GROK and LADYS recorded gains of 22% and 19.9% respectively over the same period. Other small-cap meme coins like Akita Inu and SNEK also posted similar gains.
For top memecoins like Dogecoin (DOGE), the token saw a modest increase of roughly 12% over the same period, while SHIB and BONK followed closely behind with approximately 10% gains.
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